Israeli gas company Delek Group has landed a $66-million investment deal to purchase 19.9 percent of Ithaca Energy, both companies announced on Friday. This will allow Delek to have shares in Ithaca, a company with assets in the North Sea.

Delek Group to acquire $66-million stake in Ithaca

ABERDEEN, October 9, 2015 – Israeli gas company Delek Group has landed a $66-million investment deal to purchase 19.9 percent of Ithaca Energy, both companies announced on Friday. This will allow Delek to buy more than 81 million shares in Ithaca, a North Sea-focused oil and gas operator.

Ithaca will be able to use this investment deal to bounce back after its shares have dropped more than 60 percent since the downturn of oil price in June 2014.

The latest development indicates that investors are still interested in oil and gas businesses in the North Seas amid low oil prices and the area’s maturing assets.

“The investment provides a solid vote of confidence in the long term value of Ithaca by a successful oil and gas investor and provides additional flexibility to execute the financial and strategic priorities of the business,” Les Thomas, CEO of Ithaca Energy, said in a press release.